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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The table below shows the analysis of the Company's reserve for unpaid losses for the nine months ended September 30, 2025 and 2024 on a GAAP basis:

	2025				2024
Balance at January 1	$	322,087			$	347,738
Less: reinsurance recoverable on unpaid losses		249,276				271,736
Net balance at January 1		72,811				76,002
Incurred related to:
Current year		40,733				41,904
Prior years		(4,593	)			(2,379	)
Total incurred		36,140				39,525
Paid related to:
Current year		29,507				29,577
Prior years		28,373				26,499
Total paid		57,880				56,076
Net balance at September 30		51,071				59,451
Plus: reinsurance recoverable on unpaid losses		137,632				113,871
Balance at September 30		188,703				173,322
Composition of reserve for unpaid losses and LAE:
Case reserves		36,228				51,549
IBNR reserves		152,475				121,773
Balance at September 30	$	188,703			$	173,322

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- References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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